Uzbekistan's economic growth remains strong in 2022 despite global and regional impacts, but inflation has picked up and uncertainty lies ahead. This is reported by the International Monetary Fund.
A team of International Monetary Fund staff led by Ron van Rooden met with the Government of Uzbekistan on November 7-15, 2022 to discuss economic developments and prospects, as well as policy priorities.
At the end of the mission, Ron van Rooden issued the following statement:
“The economy of Uzbekistan has continued its high performance this year, despite the global price pressure caused by Russia's invasion of Ukraine.
Contrary to expectations, remittances have doubled this year along with continued financial support and stable trade in Uzbekistan. As a result, in 2022, the economy of Uzbekistan is forecast to grow by almost 6%.
Inflation has risen globally, particularly reflecting rising food and energy prices.
Due to timely measures taken by the Central Bank of Uzbekistan, annual inflation in Uzbekistan is expected to decrease to 11.7% in 2023.
Although the domestic demand is expected to remain relatively stable, the rate of economic growth in Uzbekistan is expected to decrease slightly in 2023, to be slightly less than 5 percent, and the inflation rate is expected to remain high.
Risks to Uzbekistan's economic outlook include a further escalation of the war in Ukraine, while global growth may slow further and financial conditions deteriorate.
Acting in the current uncertain environment requires more vigilance. Inflation remains the most immediate threat to current and future prosperity by crowding out real incomes and undermining macroeconomic stability.”
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